JPMorgan Gains Gore Citi
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JPMorgan's (JPM Quote) solid third-quarter earnings performance only adds to the pressure on Citi's (C Quote) embattled CEO Charles Prince.
While Jamie Dimon's bank clearly isn't immune to the credit crunch that has crushed earnings at rivals including Citi and Merrill Lynch (MER Quote) -- JPMorgan reported a $1.3 billion writedown -- JPMorgan demonstrated how a bank can be big without being clumsy.
JPMorgan made $3.4 billion, or 97 cents a share, for the quarter ended Sept. 30, up from the year-ago $3.3 billion, or 92 cents a share. The results, which beat Wall Street estimates by 7 cents, stood in sharp contrast to the sorry notes struck Monday by Prince at Citi, where net income tumbled 57% from a year ago due to some massive writedowns in leveraged lending and structured debt. ...
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